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Baroda Rayon Corporation Ltd (BARODARY) · mywealthgrid

About

Baroda Rayon Corporation Ltd operates residential and commercial real estate projects in the consumer discretionary realty sector. With a market cap of ₹285.91 crore and 52-week trading range of ₹100.9–₹149, it is a mid-sized developer. The company reported a ₹123.31 crore loss in March 2021, reversing ₹18.66 crore profit in the prior year.

Face value: ₹10

Market cap

₹274 Cr

P/E

—

P/B

0.7×

Dividend yield

ROE

5.8%

ROCE

Debt / equity

0.45

OPM

31.3%

EPS (TTM)

₹-54.0

Book value

₹172.2

52-week high

₹142.0

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

₹123.31 Cr loss in March 2021 reversed ₹18.66 Cr profit in March 2020; extent and drivers of deterioration require clarification.
No revenue reported across recent quarters (marked n/a), obscuring operational activity, project execution status, and recovery trajectory.
Stock declined 16.54% over 12 months despite low leverage (D/E 0.47), indicating sustained market skepticism about recovery timeline.
Verify the causes of the March 2021 loss (asset write-down, contract losses, project delays) and management's timeframe for cash-positive operations.

Generated analysis · source review pending

Growth drivers

Profitability recovery: March 2020 net profit was ₹18.66 Cr (EPS ₹8.14); return to that level would reverse the current loss cycle.
27.46% operating margin when reported; reintroduction of revenue at prior margins would drive substantial profit recovery (verify project delivery schedule and pre-sales pipeline).
D/E of 0.47 provides balance-sheet capacity for project funding; verify whether lenders will support capital deployment given recent losses.
Real estate sector cycles create periodic upswings; verify the company's project pipeline, pre-sales, and positioning within the current market cycle.

Generated analysis · source review pending

₹119.7-15.5%1Y

Beta

0.45

Damps index moves

Volatility (1y)

28.6%

Annualised, daily returns

RSI (14)

43.4

Neither overbought nor oversold

Rel. strength (1y)

-25.2%

Behind the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Healthy operating margin of 31.3%
+Comfortable interest coverage of 60.7×
+High promoter holding of 67.5% with no pledge

Cons

−Low return on equity of 9.4% (3-yr avg)
−Profit declined 56.7% a year over the last 3 years
−Modest revenue growth of 1.9% a year over the last 3 years

Research score

Structured signal from quality, growth, valuation and momentum.

44/100

Business quality: 54
Growth: 2
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lodha Developers LimitedLODHALODHA	₹1,10,460 Cr	₹1,20,344 Cr	₹18,181 Cr	₹5,859 Cr	29.5%	₹4,126 Cr	20.6%	20.1%	15.8%	1,405
The Phoenix Mills LimitedPHOENIXLTDPHOENIXLTD	₹69,017 Cr	₹74,313 Cr	₹4,545 Cr	₹2,714 Cr	59.6%	₹1,280 Cr	35.2%	12.4%	11.4%	734
Prestige Estates Projects LimitedPRESTIGEPRESTIGE	₹64,006 Cr	₹78,992 Cr	₹13,053 Cr	₹3,675 Cr	29.2%	₹1,139 Cr	10.3%	13.6%	7.5%	2,755
Oberoi Realty LimitedOBEROIRLTYOBEROIRLTY	₹63,797 Cr	₹66,613 Cr	₹6,322 Cr	₹3,572 Cr	55.9%	₹2,630 Cr	41.7%	17.5%	14.9%	1,581
Godrej Properties LimitedGODREJPROPGODREJPROP	₹48,065 Cr	₹63,680 Cr	₹5,203 Cr	₹-458 Cr	-8.1%	₹1,600 Cr	35.9%	12.5%	10.1%	6,464
Anant Raj LimitedANANTRAJANANTRAJ	₹20,797 Cr	₹21,403 Cr	₹2,551 Cr	₹688 Cr	26.1%	₹579 Cr	22.2%	12%	11.2%	236
Brigade Enterprises LimitedBRIGADEBRIGADE	₹18,579 Cr	₹24,688 Cr	₹5,532 Cr	₹1,465 Cr	25.1%	₹695 Cr	12.7%	11.1%	10.3%	938
Horizon Industrial Parks LimitedHORIZONINDHORIZONIND	₹14,025 Cr	₹20,910 Cr	₹691 Cr	₹531 Cr	76.9%	₹-198 Cr	-29.5%	3.3%	-5.9%	-46
Sobha LimitedSOBHASOBHA	₹12,968 Cr	₹13,970 Cr	₹5,617 Cr	₹364 Cr	6%	₹231 Cr	3.7%	7.4%	4.2%	17,827
Aditya Birla Real Estate LimitedABRELABREL	₹12,293 Cr	₹17,929 Cr	₹450 Cr	₹-375 Cr	-88.2%	₹-116 Cr	-83%	-4.4%	-2.7%	22,467
Sri Lotus Developers And Realty LimitedLOTUSDEVLOTUSDEV	₹11,244 Cr	₹11,374 Cr	₹840 Cr	₹299 Cr	36.5%	₹257 Cr	31.6%	22.3%	16.7%	840
Signatureglobal (India) LimitedSIGNATURESIGNATURE	₹10,376 Cr	₹13,317 Cr	₹2,282 Cr	₹-126 Cr	-1.9%	₹1,044 Cr	42.2%	3.4%	85%	1,407

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	—	—	—	—	—	0	0	58	77	100	62
COGS	—	—	—	—	—	0	-333	-184	64	70	39
Gross profit	—	—	—	—	—	—	—	—	12	30	23
	—	—	—	—	—	122	6	5	3	3	4
	—	—	—	—	—	-122	327	238	9	27	19
OPM %	—	—	—	—	—	—	—	406.5%	12.1%	27.5%	31.3%
Depreciation	—	—	—	—	—	0	0	0	0	0	0
Interest	1	—	1	—	—	1	6	7	3	1	0
	—	—	—	—	—	-1	53	42	28	14	3
Profit before tax	-4	-6	-40	-6	18	-124	375	273	34	40	22
Tax	—	—	—	—	—	0	0	0	0	0	0
	-4	-6	-40	-6	18	-124	375	273	34	40	22
PAT margin %	—	—	—	—	—	—	—	466.7%	44.5%	40.5%	36%
EPS (₹)	-1.9	-2.6	-17.3	-2.6	7.9	-54	163.5	119	14.9	17.6	9.7
EPS adjusted (₹)	—	-2.6	-17.3	-2.6	7.9	-54	163.5	119.1	14.9	17.6	9.7
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	23	23	23	23	23	23	23	23	23	23
Reserves	-199	-261	-267	—	-373	2	275	309	349	372
Minority interest	—	0	0	—	—	—	—	0	0	—
	211	215	224	—	242	295	245	211	175	176
	119	116	112	—	209	95	94	98	155	162
Total equity & liabilities	155	93	92	—	102	415	637	642	702	732
	122	63	63	41	41	2	3	3	20	19
CWIP	—	—	—	—	—	—	—	—	—	0
Investments	6	6	6	—	6	7	7	1	1	1
	26	24	23	—	55	406	627	638	682	712
Total assets	155	93	92	—	102	415	637	642	702	732

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	16.1%	30.2%	37.2%
EBITDA margin %	—	—	—	—	406.5%	12.1%	27.5%	31.3%
EBIT margin %	—	—	—	—	406.4%	12%	27.2%	30.9%
PAT margin %	—	—	—	—	466.7%	44.5%	40.5%	36%
Working capital
Receivable days	—	—	—	—	116	92	83	54
Inventory days	—	—	—	—	—	3,304	3,196	6,045
Payable days	—	—	—	—	—	22	10	91
NWC days	—	—	—	—	—	3,374	3,269	6,008
Leverage
Current ratio	0.13	—	0.14	2.31	3.8	4.81	3.45	3.39
Debt to EBITDA	—	—	—	0.9	1.03	22.76	6.39	9.12
Debt to equity	-0.92	—	-0.69	11.81	0.82	0.64	0.47	0.45
Interest coverage	—	—	-213	60.1	39.2	6.8	24.6	60.7
Asset turnover	—	—	0	0	0.09	0.12	0.14	0.08
Return ratios
Return on assets %	-6.4%	—	-120.8%	90.3%	42.8%	5.3%	5.7%	3%
Return on capital employed %	-0%	—	80.8%	147.2%	72.2%	3.7%	5.9%	4%
Return on equity %	2.4%	—	35.4%	1,499%	91.6%	10.3%	10.8%	5.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.53%	67.53%	67.53%	67.53%	67.53%	67.53%	67.53%	67.53%	67.53%	67.53%	67.53%	67.53%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	1.11%	1.05%	1.05%	1.05%	1.02%	1.02%	1%	1%	1%	1%	0.92%	0.92%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	31.35%	31.41%	31.41%	31.41%	31.44%	31.44%	31.46%	31.46%	31.46%	31.46%	31.54%	31.54%
No. of shareholders	—	—	—	—	—	—	—	—	77,614	77,281	76,991	76,678

Promoter holding up 0 percentage points since Sep 2023.

Mr. Damodarbhai PatelExecutive Director-Chairperson-MD
Mrs. Vidhya BhavaniNon-Executive - Non Independent Director
Mr. Viral BhavaniExecutive Director
Mr. Chimanlal PatelNon-Executive - Independent Director
Mr. Zaverilal RamaniNon-Executive - Independent Director
Mr. Rameshbhai PatelNon-Executive - Independent Director
Mr. Jugal Kishore JakhotiaChief Financial Officer
Mr. Kunjal DesaiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Baroda Rayon Corporation Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

17 announcementsExport CSV

29 Sept 2026, 4:48 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

29 Sept 2026, 1:02 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

22 Sept 2026, 11:41 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

16 Sept 2026, 3:08 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

12 Sept 2026, 3:27 pmCompany Update

Report On Transfer Requests Of Physical Shares Relodged Under The Special Window

General PDF

4 Sept 2026, 12:39 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

3 Sept 2026, 12:11 pmCompany Update

Intimation Letter With Weblink Of Annual Report To Members Whose Email Addresses Are Not Registered.

General PDF

3 Sept 2026, 11:56 amAGM/EGM

Notice Of 66Th Annual General Meeting Of The Company To Be Held On September 29, 2026.

AGM PDF

Date	Category	Subject	Filing
29 Sept 2026, 4:48 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
29 Sept 2026, 1:02 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM

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₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-17	-85	22	-3	42	-4
	3	40	25	8	-14	2
	13	46	-40	-12	-29	2
Net cash flow	-0	1	7	-7	-1	-1
Free cash flow	—	-85	22	-3	26	-4
CFO / Operating profit %	—	-26%	9.4%	-32.2%	154.8%	-20.5%

Baroda Rayon Corporation Ltd

Baroda Rayon Corporation Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

1

Announcements

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

Baroda Rayon Corporation Ltd

Baroda Rayon Corporation Ltd

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Quarterly record

Board and management

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

1

1